https://www.taxtmi.com/caselaws?id=265720 The ITAT overturned the disallowance of interest on interest-free advances to family members, stating that as long as interest-free funds exceed non-business investments, disallowance cannot be made. It also deleted the disallowance of interest on cash withdrawals for the same reason. Regarding the penalty under section 271(1)(c) for inaccurate particulars of income, the ITAT ruled in favor of the assessee, finding no malafide intent and deleting the penalty. The judgments were pronounced on June 30, 2014. en-us Mon, 30 Jun 2014 00:00:00 +0530 Thu, 15 Oct 2015 06:20:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265720 The ITAT overturned the disallowance of interest on interest-free advances to family members, stating that as long as interest-free funds exceed non-business investments, disallowance cannot be made. It also deleted the disallowance of interest on cash withdrawals for the same reason. Regarding the penalty under section 271(1)(c) for inaccurate particulars of income, the ITAT ruled in favor of the assessee, finding no malafide intent and deleting the penalty. The judgments were pronounced on June 30, 2014. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265720